Steel prices have risen 40 percent so far compared to July

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Mumbai, Ta. 15 December 2020, Tuesday

Steel companies have hiked prices for the second time in a week this month due to rising raw material prices and rising domestic demand. Steel companies have hiked the price of hot rolled coil (HRC) by Rs 2,000 per tonne on December 9 for another Rs 200 per tonne. Steel prices have been rising steadily since July.

Steel companies have hiked HRC prices again, keeping in mind that domestic steel prices were lower than imported steel even after the December 8 hike. Domestic demand for steel has risen sharply since the lockdown. The rise in the price of iron ore, the main raw material for steel, has put pressure on steel companies.

There were also reports that the government had expressed displeasure over the way prices were being hiked by steel and cement companies.

After the second price hike in December, the HRC price has reached Rs 31,000 per tonne. According to market sources, the current prices are 40 per cent higher than in July this year.

In July, the HRC was trading at Rs 200 per tonne. Domestic steel demand is increasing due to shortage of domestic supply and absence of imported goods. Not only are dealers stocking up on goods, but demand from end users has also increased.

Japan and Korea, which export their steel to India, are currently sending more goods to European countries as they are getting significantly higher prices from there.


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